Redbox 2014 Annual Report Download - page 114

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106
Note 19: Subsequent Events
On January 20, 2015, the Board of Directors of Outerwall Inc. announced that Nora M. Denzel, a director of the Company, was
appointed by the Board to serve as Interim Chief Executive Officer of the Company, effective January 18, 2015, and that J.
Scott Di Valerio stepped down as the Company’s Chief Executive Officer, effective January 18, 2015, and resigned from the
Board, effective January 19, 2015.
On January 23, 2015, we made the decision to shut down our Redbox operations in Canada as the business was not meeting the
company's performance expectations. As a result, we updated certain estimates used in the preparation of the financial
statements and recognized an additional after-tax expense of $1.5 million in the fourth quarter of 2014 related to accelerated
recognition of content library and capitalized installation costs on property and equipment. The remaining value of the content
library and capitalized installation costs will be amortized over an expected three-month wind-down period ending March 31,
2015. Following the final shutdown of the operations in Canada, we expect Redbox Canada results will be reported as a
discontinued operation.
On February 3, 2015, the Board approved an additional stock repurchase authorization of up to $250.0 million of its common
stock plus the cash proceeds received from the exercise of stock options by the Company's directors and employees, bringing
the total available for repurchases to approximately $413.7 million.
On February 3, 2015, our board of directors approved a dividend policy and declared a quarterly cash dividend of $0.30 per
share to be paid on March 18, 2015, to all stockholders of record as of the close of business on March 3, 2015. Future quarterly
dividend payments will be subject to approval by our board of directors.